Gold fighting to break to the upside

After testing the recent lows of $1,850, December gold futures have been trying to breakout to the upside. $1,910 has been the stumbling block where gold has failed the last three days. The long-term trend is still short and failure to take the $1,910 level out, will bring gold back to $1,850 and possibly lower.

We expect the metals to continue to fail, with the downtrend continuing until it doesn’t. Silver is in a similar pattern to gold with one exception, it is slightly lower. Platinum appears to be having a dead-cat bounce or a short-covering rally. In other words, the downtrend continues across all three metals.

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